Chain abstraction could drive the next transition in the cryptocurrency space and Web3 needed for mainstream adoption. Illia Polosukhin, co-founder of Near Protocol, said: In an interview with The Block at the BUIDL Asia conference in Seoul, South Korea.
Chain abstraction involves application developers defragmenting Web3’s complex technical layers to improve the end-user experience. This concept abstracts blockchain from the user experience. For example, on blockchain networks like Near, users create and recover accounts using their email addresses rather than writing down complex seed phrases.
“The idea is that the blockchain should be abstracted from the user so that it is not a barrier to entry or participation,” Polosukhin said.
However, there may be some issues to consider. In a fireside chat at BUIDL, Ethereum creator Vitalik Buterin raised potential problems with chain abstraction. As various chains become interconnected into larger ecosystems, there may be a systemic risk of “desensitization” to security issues.
Polosukhin acknowledged that end users may become less aware of the security risks of chain abstraction, but the Web3 space is still expected to move toward more decentralized and secure systems.
“We actually have sophisticated counterparties that provide liquidity and do the routing and all the work necessary to understand the layout and complexity of all the chains,” Polosukhin said. “They are the ones who will push for decentralization for security reasons, and if they find out something isn’t right, they won’t provide the service.”
Buterin himself emphasized the importance of account abstraction. This means hiding the technical details of on-chain applications for user-friendliness, while focusing on providing both security and convenience.
On Wednesday, the Near Foundation launched Chain Signature, a protocol that allows users to sign transactions on third-party blockchains from a single Near account. Chain Signatures is live on Near’s testnet, with mainnet launch expected in early May.
“We will see a shift from centralized exchanges to the use of non-custodial, decentralized applications,” the Near founder said. “Users will have access to multi-chain DEXes, lending, NFT interactions, and all kinds of experiences, all in one place.”
Blockchain and AI
Meanwhile, the Near co-founder said blockchain technology could help prevent potential problems with the growth of artificial intelligence.
“AI will be used for malicious purposes. This is just a coincidence and we cannot prevent it,” Polosukhin told The Block. It was like that last year. reported The U.S. government says North Korea and other countries are considering using AI technology to write malicious software to enhance illicit cyber activities.
“What we can do is use cryptography and blockchain to defend and provide some sort of content verification, content reputation system,” Near’s co-founder told The Block.
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